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ECRS Symposium 2008: Successful Reputation Management needs stakeholder engagement
Against the backdrop of the current financial crisis, which can be seen as a major reputation crisis of the of the free market economy as we know it, the question about how global markets influence corporate reputation and how companies can deal with reputation crises is becoming ever more acute. The 3rd ECRS Symposium focussed on the building processes of corporate reputation as well as measurement tools and reputation management strategies in a globalised world. With about 70 participants from over 20 countries this years’ conference was the best attended and most international conference in the history of the ECRS.
Whilst ECRS board member Dr. Mark Eisenegger highlighted the consequences of the financial crisis on the global economy and proposed seven theses of reputation management in the age of globalisation, Prof. Dr. Manfred Schwaiger presented his latest results of his pilot study on the correlation between the reputation of a company and the willingness of students to apply for a job at this company. With striking results: While reputation leaders have to pay around 5% more to hire top talents, reputation laggards must disburse 20% for the same result.
Other highlights of the conference included:
• Gianni Catalfamo, CEO of Pleon Italy, pleading for the importance of listening to people instead of only measuring reputation. According to him, social media are a promising tool to spread reputation and to get to know the expectations of the public.
• Abbot Primate Dr. Notker Wolf talking about the reputation of the Catholic Church in the 21st century and insisting particularly on the need to listen to the needs and thoughts of Christians all over the world in order to manage the balancing act between the diversity of the worldwide community of Christians and the unity of the Church.
• Jeremy Cohen, former head of external affairs of Shell renewable energy showing with some concise case studies such as BP, Exxon Mobile and Shell, that companies can no longer build their reputation on uni-directional advertising campaigns, but must enter into a dialogue with their stakeholders.
At the bottom line, almost all speakers agreed on the growing importance of going beyond one-way-communications through advertising campaigns towards a more direct and interactive engagement with stakeholders and the general public. Or, as Tony Baynes put it, since reputation is tied to actions rather than communications, successful reputation management should focus on powerful and strategic actions based on stakeholder’s expectations.
To download all presentations, pictures and videos of the conference, please visit: http://www.reputation-symposium.com/.
Contact:
Julia Schankin
Theresienhöhe 12
D-80339 Munich
Tel: +49 (0) 89-590 421 370
Fax: +49 (0) 89 590 421 111
julia.schankin@reputation-centre.org